Down $2.18 or -5.51%
The price of WTI crude oil futures have tumbled sharply in trading today. The price of the December contract settle at $37.39. That was down -$2.18 or -5.51%.
Crude oil inventories rose by a greater expected 4.32M barrels (1.5M build expected). Gasoline, and distillates did see a greater than expected drawdown, however. Concerns about global growth and global demand for oil was the major driver to the downside.
Technically, the low today reached $36.97. That was below the September low of $37.11 but above the October low of $36.93. The 38.2% retracement of the move up from the April low is also in that area at $37.06. Going forward a move below that level would be needed to tilt the bias even more to the downside.
